证 券 研 究 报 告 公司研究 锂电化学品 2025 年 09 月 01 日 | | | 厦钨新能（688778）2025 年中报点评 强推（维持） 业绩符合预期，布局 NL、补锂等新材料 目标价：69.41 元 事项： 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,297 | 17,671 | 19,224 | 21,259 | | 同比增速(%) | -23.2% | 32.9% | 8.8% | 10.6% | | 归母净利润(百万) | 494 | 773 | 887 | 999 | | 同比增速(%) | -6.3% | 56.4% | 14.8% | 12.6% | | 每股盈利(元) | 0.98 | 1.53 | 1.76 | 1.98 | | 市盈率(倍) | 60 | 38 | 33 | 29 | | 市净率(倍) | 3.4 | 3.1 | 2.9 | 2.7 | 资料来源：公司公告，华创证券预测 ...

Core Insights - Xiamen Tungsten New Energy (688778.SH) reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [2][3] - The net profit attributable to shareholders reached 307 million yuan, up 27.76% compared to the same period last year [2][3] - Basic earnings per share increased by 7.02% to 0.61 yuan [2] Financial Performance - Revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the previous year, marking an 18.04% increase [3] - Gross profit totaled 339 million yuan, reflecting a 35.47% increase from 250 million yuan in the prior year [3] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, a 27.76% increase [3] - The net cash flow from operating activities was 648 million yuan, down 32.25% from 957 million yuan in the previous year, primarily due to increased material procurement costs [4] Product Performance - Lithium battery cathode materials sales reached 60,700 tons, a 35.50% increase year-on-year [4] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) were 31,900 tons, up 20.76% [4] - Hydrogen materials sales amounted to 1,974.61 tons, reflecting a 6.16% increase [4] Research and Development - Total R&D expenditure was 243 million yuan, a 15.27% increase year-on-year [5] - R&D spending accounted for 3.23% of revenue, a slight decrease of 0.08 percentage points compared to the previous year [5] - The company is focusing on R&D in the fields of range-extended, hybrid, mid-to-high-end electric vehicles, and low-altitude applications [5] - Xiamen Tungsten has achieved supply of cathode materials for oxide-based solid-state batteries and is collaborating with leading domestic and international companies for sulfide-based solid-state battery materials [5]

Summary of Xiamen Tungsten Industry Conference Call Company Overview - **Company**: Xiamen Tungsten Industry - **Date**: August 22, 2025 Key Financial Performance - **Net Profit**: The company reported a net profit attributable to shareholders of 580 million yuan for Q2 2025, with a non-recurring profit of 923 million yuan, representing a year-on-year growth of 7.53% [2][3] - **Total Assets**: As of June 30, 2025, total assets reached 47.1 billion yuan, an increase of 3.64% from the previous year [2][5] - **Net Assets**: Shareholder equity was 16.3 billion yuan, up 2.32% year-on-year [2][5] - **Return on Equity**: The weighted average return on equity was 15.96%, down 2.79 percentage points due to refinancing impacts [2][5] - **Cash Flow**: Operating cash flow was approximately 800 million yuan, a decrease attributed to increased inventory [2][5] Revenue Breakdown by Segment - **Tungsten and Molybdenum**: Contributed 46% of total revenue and 75% of total profit [6] - **Energy New Materials**: Accounted for nearly 40% of revenue and 20% of profit [7] - **Rare Earths**: Contributed 14% of revenue and about 7% of profit [8] Market Dynamics - **Tungsten Prices**: The average price of domestic black tungsten concentrate was approximately 150,000 yuan/ton, with APT prices reaching a historical high of 222,900 yuan/ton, reflecting a year-on-year increase of 12.23% [8] - **Market Position**: The company maintains a strong position in the tungsten market, with APT and other products ranking among the top domestically [9] Segment Performance Highlights - **Cutting Tools**: Revenue grew by approximately 13%, with a profit increase of 29%. Key customer sales rose by 50%, and overseas revenue saw significant growth [10] - **Rare Earths**: Prices for neodymium-praseodymium oxide increased by 12%, while the company achieved a 40% increase in domestic sales of magnetic materials [16] - **Battery Materials**: Revenue reached 7.534 billion yuan, up 18%, with lithium cobalt oxide sales increasing by 57% [20] Strategic Initiatives - **Investment Projects**: The company invested 977 million yuan in various projects, including 656 million yuan in wood business and 155 million yuan in rare earth projects [21] - **Future Plans**: The company aims to achieve 5 billion yuan in revenue from the cutting tools business within five years through organic growth and acquisitions [29] Challenges and Risks - **Cost Pressures**: Rising raw material prices pose challenges to cost control, although the company is optimizing supply chain management [40] - **Market Demand**: Despite healthy demand, there are concerns about customer hesitance due to rising prices, which could affect order volumes [44] Conclusion - **Outlook**: The company is well-positioned in the tungsten and rare earth markets, with strong financial performance and strategic initiatives aimed at growth. However, it must navigate cost pressures and market dynamics to maintain its competitive edge.

厦钨新能（688778.SH）2025 年半年报点评 业绩符合预期，行业龙头地位稳固 2025 年 08 月 22 日 ➢ Q2 业绩拆分。营收和净利：公司 2025Q2 营收 45.57 亿元,同比+51.85%， 环比+53.07%，归母净利润为 1.90 亿元，同比+48.44%，环比+ 62.39%，扣非 后净利润为 1.79 亿元，同比+52.99%，环比+61.26%。毛利率：2025Q2 毛利 率为 10.26%，同比-1.36 pct，环比+0.67pcts。净利率：2025Q2 净利率为 4.2%， 同比-0.06pct，环比+0.35pct。费用率：公司 2025Q2 期间费用率为 4.63%， 同比-1.42pct，其中销售、管理、研发、财务费用率分别为 0.24%、1.23%、3.18%、 -0.02%。 ➢ 产能全球布局加速落地，国内外重点项目稳步推进。国内方面，各基地项目 有序推进：海璟基地 3 万吨锂离子电池材料扩产项目土建完成竣工验收，1.5 万 吨综合车间部分土建验收；宁德 7 万吨锂离子电池正极材料项目 C/D 车间已完 成封顶，C 车间两条生产线推进投产；雅安基地磷酸铁锂 ...

Core Insights - The company reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [1][2] - The net profit attributable to the parent company was 307 million yuan, up 27.76% compared to the same period last year [1][2] - The net profit excluding non-recurring gains and losses was 291 million yuan, reflecting a 32.24% increase year-on-year [1][2] Financial Performance - Total revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the same period last year, marking an 18.04% increase [2] - Total profit amounted to 339 million yuan, a 35.47% increase from 250 million yuan in the previous year [2] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, indicating a 27.76% growth [2] - The net profit after excluding non-recurring items was 291 million yuan, compared to 220 million yuan last year, a 32.24% increase [2] - The net cash flow from operating activities decreased by 32.25% to 648 million yuan from 957 million yuan [2] Product Sales and Market Position - The company sold 60,700 tons of lithium battery cathode materials, a 35.50% increase year-on-year [2] - Sales of lithium cobalt oxide reached 28,800 tons, up 56.64%, with high-voltage lithium cobalt oxide (4.5V and above) seeing significant growth [2] - In the power sector, the company maintained its technological advantage in high-voltage and high-power ternary materials, achieving sales of 31,900 tons, a 20.76% increase [3] - Sales of hydrogen energy materials reached 1,974.61 tons, reflecting a 6.16% year-on-year growth [3] Expansion and Projects - The construction of a factory in France with an annual capacity of 40,000 tons for ternary materials is progressing smoothly [3] - The project for producing 40,000 tons of cathode material precursors in France is advancing with technical authorization work [3] - The expansion project at the company's Xiamen base for producing 30,000 tons of lithium-ion battery materials has completed civil construction and is awaiting fire safety inspection [3] - The comprehensive workshop project at the Haijing base, with a planned annual capacity of 15,000 tons, has seen some workshops complete construction acceptance [3]

Core Viewpoint - The company, Xiamen Tungsten New Energy (688778), reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by increased sales in lithium battery materials and hydrogen energy materials [1] Financial Performance - The company achieved operating revenue of 7.534 billion yuan, representing a year-on-year increase of 18.04% [1] - The net profit attributable to shareholders was 307 million yuan, reflecting a year-on-year growth of 27.76% [1] - Basic earnings per share were reported at 0.61 yuan [1] - The company proposed a cash dividend of 2 yuan per 10 shares (including tax) [1] Product Sales - Sales of lithium battery cathode materials reached 60,700 tons, marking a year-on-year increase of 35.50% [1] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) amounted to 31,900 tons, up by 20.76% year-on-year [1] - In the hydrogen energy materials segment, the company sold 1,974.61 tons, which is a year-on-year growth of 6.16% [1]

Group 1: Company Performance - Longchuan Technology achieved revenue of 2.167 billion yuan, a year-on-year increase of 41.8%, and net profit of 427 million yuan, a year-on-year increase of 98.73%, exceeding the previous forecast range of 360 million to 420 million yuan [1] - Xiamen Tungsten's revenue for the first half of the year was approximately 7.534 billion yuan, a year-on-year increase of 18.04%, with net profit of 307 million yuan, a year-on-year increase of 27.76% [2][3] - West Mining reported revenue of 31.619 billion yuan and net profit of 1.869 billion yuan, representing year-on-year growth of 27% and 15%, respectively, driven by an increase in copper production and prices [3] - Zhimin Technology's revenue reached 295 million yuan, a year-on-year increase of 84.83%, and net profit surged to 38.3 million yuan, a year-on-year increase of 2147.93%, attributed to increased customer demand and order volume [4] Group 2: Industry Trends - The semiconductor and AI sectors, along with resource industries like rare earths and gold, are showing strong performance according to the statistics from over 1,570 listed companies [4] - The testing industry is experiencing a significant upward trend, with expectations for continued high growth in revenue driven by major customer demand and market expansion [1] - The demand for lithium cobalt and power battery materials is increasing, supported by national subsidy policies and enhanced AI functionalities in consumer electronics [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The fundamentals of lithium carbonate may be in a state where industry expectations are somewhat restored but still weak in reality. There is an accumulation of industrial inventory, and more effective demand is needed to drive industry destocking. The option market sentiment is bullish, and the implied volatility has slightly increased. The technical indicator shows that the 60 - minute MACD has double - lines above the 0 - axis with a shrinking red column. The operation suggestion is to conduct light - position oscillatory trading and control risks by paying attention to the trading rhythm [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 72,880 yuan/ton, up 1,600 yuan. The net position of the top 20 is - 148,507 lots, down 1,651 lots. The position of the main contract is 411,638 lots, up 30,453 lots. The spread between near - and far - month contracts is 1,000 yuan/ton, down 60 yuan. The warehouse receipts of GZEE are 9,969 lots, down 270 lots [2] Spot Market - The average price of battery - grade lithium carbonate is 68,000 yuan/ton, up 1,350 yuan. The average price of industrial - grade lithium carbonate is 67,450 yuan/ton, up 1,100 yuan. The basis of the Li₂CO₃ main contract is - 4,880 yuan/ton, down 250 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 0 US dollars/ton, down 730 US dollars. The average price of amblygonite is 6,325 yuan/ton, up 250 yuan. The price of lepidolite (2 - 2.5%) is 1,878 yuan/ton, up 51 yuan [2] Industry Situation - The monthly output of lithium carbonate is 44,100 tons, up 2,000 tons. The monthly import volume is 21,145.78 tons, down 7,190.11 tons. The monthly export volume is 286.74 tons, down 447.55 tons. The monthly operating rate of lithium carbonate enterprises is 52%, up 5%. The monthly output of power batteries is 129,200 MWh, up 5,700 MWh. The price of lithium manganate is 29,000 yuan/ton, up 500 yuan. The price of lithium hexafluorophosphate is 4.93 million yuan/ton, unchanged. The price of lithium cobalt oxide is 222,000 yuan/ton, unchanged. The price of ternary material (811 - type) in China is 144,000 yuan/ton, unchanged. The price of ternary material (622 power - type) in China is 119,000 yuan/ton, unchanged [2] Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 124,000 yuan/ton, unchanged. The monthly operating rate of ternary cathode materials is 51%, down 4%. The price of lithium iron phosphate is 3.05 million yuan/ton, unchanged. The monthly operating rate of lithium iron phosphate cathodes is 52%, up 3%. The monthly output of new energy vehicles (according to CAAM) is 1,268,000 vehicles, down 2,000 vehicles. The monthly sales volume is 1,329,000 vehicles, up 22,000 vehicles. The cumulative sales penetration rate of new energy vehicles (according to CAAM) is 44.32%, up 0.33%. The cumulative sales volume of new energy vehicles is 6,937,000 vehicles, up 1,993,000 vehicles. The monthly export volume of new energy vehicles is 205,000 vehicles, down 70,000 vehicles. The cumulative export volume of new energy vehicles is 1.06 million vehicles, up 455,000 vehicles. The 20 - day average volatility of the underlying is 21.89%, down 0.38%. The 40 - day average volatility of the underlying is 22.75%, down 0.04% [2] Option Situation - The total subscription position is 194,993 lots, up 11,479 lots. The total put position is 89,197 lots, up 5,667 lots. The put - to - call ratio of the total position is 45.74%, up 0.2267%. The implied volatility of at - the - money IV is 0.35%, up 0.0343% [2] Industry News - Guangdong and Anhui, as strong provinces in automobile manufacturing in China, will standardize the competition order of the new energy vehicle industry, shifting from "price war" to "value war". Xiamen Tungsten New Energy (688778.SH) announced that its operating income in the first half of 2025 was 7.534 billion yuan, a year - on - year increase of 18.04%, and the net profit was 307 million yuan, a year - on - year increase of 27.76%. The sales volume of lithium cobalt oxide increased by 56.64% year - on - year, and the sales volume of power battery cathode materials increased by 20.76% year - on - year. In the first half of 2025, the national economy showed a stable and positive trend, and the more proactive fiscal policy was effective. In the second half of the year, the fiscal policy will continue to play a leading role in promoting consumption and investment [2]